Movies

Sebi stops Pyramid Saimira promoters from trading


MUMBAI: Alleging that Pyramid Saimira had forged a Sebi (Securities and Exchange Board of India) letter allowing it to make an open offer, the market regulator has barred Pyramid Saimira Theatre promoters Nirmal N Kotecha and P S Saminathan from trading in securities till further notice.


As part of its interim order, Sebi has further debarred another 228 people and entities for trading in the securities market including the IPO in lieu of participating in this forgery.


The order from Sebi has been issued in regards to reports in December last year stating that PSTL promoter, chairman and MD Saminathan had received a letter from Sebi, asking to make an open offer to buy 20 per cent in the company at Rs 250 per share within 14 days.


However, Sebi later clarified that no such order or letter had been issued.

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